The 21st century has witnessed a remarkable shift in the global economic landscape, with emerging economies taking center stage as powerhouses of growth. Nations such as China and India have consistently outpaced global benchmarks, driving economic development and reshaping the world’s financial dynamics.
According to a 2018 study by McCarthy & Company, 18 out of 71 emerging economies have exceeded their peers, achieving an average per capita GDP growth of more than 3.5% annually over the past five decades. This impressive performance underscores the significant role these nations play in propelling global prosperity.
The BRICS cooperative mechanism, comprising Brazil, Russia, India, China, and South Africa, exemplifies this rise. The increasing influence of BRICS is attracting other emerging economies, garnering international attention and challenging traditional economic hierarchies. From 1990 to 2022, the collective share of BRICS countries in the world’s GDP soared from 10.43% to 25.64%, highlighting a shift towards a more balanced global economy.
In contrast, the GDP share of major developed economies such as the United States, the European Union, and Japan has declined from 53.83% in 2008 to 45.32% in 2022. This trend illustrates the changing dynamics of global economic power, with emerging markets contributing significantly more to worldwide growth.
The rapid economic expansion of countries like China and India, with average GDP growth rates of 9.1% and 5.9% respectively over the past 40 years, has had profound spillover effects. Their development has not only elevated their own economies but also stimulated global growth, potentially increasing the world economic growth rate by 0.5 percentage points.
This surge in growth has been accompanied by structural transformations within these nations. Industrialization and urbanization have accelerated, bridging gaps between urban and rural areas and fostering social and economic development. For countries with vast populations, such as China, India, and Brazil, these changes have been particularly impactful, promoting inclusive growth and reducing disparities.
The rise of emerging economies signifies more than just economic statistics; it represents a fundamental shift towards a more diversified and equitable global economic order. As these nations continue to develop and integrate into the world economy, their influence is likely to grow, offering new opportunities for international cooperation and shared prosperity.
Reference(s):
cgtn.com
